FX Action: The dollar slipped FX Action: The dollar slipped in the aftermath of the FOMC announcement and statement, taking EUR-USD to 1.0735 from 1.0640, and USD-JPY from 121.10 to 120.54 lows. Shorter yields fell back on the more dovish Fed take, while Wall Street turned moderate losses into moderate gains.

Fed wants 'further improvement' in labor market to raise ratesThe Fed said in today's statement, "The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term. This change in the forward guidance does not indicate that the Committee has decided on the timing of the initial increase in the target range."